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Switzerland PMI August 2023

Switzerland: Manufacturing and services PMIs increase in August

The Credit Suisse/ Manufacturing Purchasing Managers’ Index (PMI) came in at 39.9 in August, up from July’s 38.5. As a result, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month. Softer declines in output and new orders drove the slight uptick, though firms running down inventories depressed the PMI reading in August.

Meanwhile, the Services PMI came in at 50.3 in August, up from July’s 42.7, on rebounds in business and new orders. As such, the services PMI—which is more domestically focused than the manufacturing PMI—remains well above the latter, likely buoyed by the tight domestic labor market, mild price pressures and strong visitor arrivals.

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